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QUESTION 2 i. To complete your final year in undergraduate and then continue with a...

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Accounting

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QUESTION 2 i. To complete your final year in undergraduate and then continue with a master program, you will need RM14,000 per year for 4 years, starting next year (that is, you will need to withdraw the first RM14,000 one year from today). Your rich uncle offers to support your studies, and he will deposit in a bank paying 8.5% interest, compounded annually, a sum of money that is sufficient to provide the 4 payments of RM14,000 each. His deposit will be made today. Required: a. How large must the deposit be? (2 marks) b. How much will be in the account immediately after the third withdrawal? (2 marks)

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